ICLP Diploma award ceremony

Sarath Malalasekera

The Institute for Commercial Law and Practice (ICLP) was established as a non-profit organization, funded by the leading private sector companies in Sri Lanka. It was incorporated amongst others, to assist the Government of Sri Lanka to create and develop the necessary supporting legal infrastructure for Sri Lanka to operate in a market economy, said Ceylon Chamber of Commerce Chairman J.D. Bandaranayake at the ICLP Diploma in Commercial Arbitration award ceremony held at the BMICH recently.

He said that the primary objectives of this institute is the advancement of commercial law, its administrative practice, imparting knowledge and diffusion of information thereon. It has also established an Arbitration Centre of international repute, to resolve commercial disputes.

The ICLP assisted the Government to enact a modern arbitration law - Arbitration Act No.11 of 1995 with the assistance of the Swedish International Enterprise Development Corporation and the Swedish Institute of Legal Development. Thereafter this centre was set up with their assistance and it has over the last few years, been led by the Secretary General of the Centre S. S. Wijeratne.

"I, on behalf of the business community of the Ceylon Chamber of Commerce, acknowledge with thanks the pioneering and visionary initiatives of the founders of this institute as well as the work of Secretary General S. S. Wijeratne.

The conduct of the ICLP Diploma of Commercial Arbitration is an important function of the Centre, it imparts the requisite knowledge and skills to potential arbitrators of the future. Through this contribution it fulfils primary role as envisaged in the setting up of the institute," CCC Chairman Bandaranayake said. He emphasised that from a commercial perspective, settlement of disputes in a cost effective and speedy manner is a vital requirement for the development of trade and commerce as well as a requirement of the market economy.

"The speed of settlement of dispute in our view is still unsatisfactory, given the potential and capabilities of this country to do much better. I am therefore of the view that there is a scope exponential development and progress in regard to this aspect of the administration of justice in this country," he said.

In the competitive index titled "Ease of Doing Business 2008" conducted by the World Bank, Sri Lanka rates rather poorly. Overall it is ranked 101st out of 178 countries. The ranking covers ten critical stages of doing business, commencing from starting a business to closing business.

The Ceylon Chamber of Commerce Chairman said, "An area important to the ICLP in this ranking is Sri Lanka's rating in Enforcing Contracts. Sri Lanka is ranked in the 133rd position out of 178 countries. Under the broad head of the Enforcing Contracts indicator considers the following - the number of procedures, the number of days from the moment a plaint file law suit and the cost of litigation.

Also from a commercial stand point, Sri Lanka is now on the threshold of an economic boom where there will undoubtedly be greater interest shown in investing in the country. Commodity exchanges will be springing up such as for produce such as dairy, fish and agriculture, with the spurt of activity and investment in these sectors in the former conflict affected areas of the North and the East. This is in addition to what currently exists in respect of Tea and Rubber, the traditional crops.

I now wish to turn to the more pleasant duty for congratulating the 32 recipients for the devotion and commitment they have displayed to enhance knowledge in this area of emerging importance. Whilst it may take some time, you certainly are on to an area of the practice of law, which has great scope for development," he said.